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Mr. Elsztain graduated in Economic Sciences at the Torcuato Di Tella University and has a Master in Business Administration. He has been the Company’s Commercial Director since 1998. Mr. Elsztain is a brother of the Chairman of the Board of Directors, Mr. Eduardo S. Elsztain, and of the Vice-Chairman, Mr. Alejandro G. Elsztain, and cousin of the Director Fernando A. Elsztain. | 